Where to Find the Best Personal Loans in 2016

Personal loan written on chalk boardLet’s get straight to the point. You want a personal loan. Maybe it’s for a trip, or for personal items or for medical bills. Whatever the reason, you know you need one. We’ve detailed the costs and benefits of personal loans in the past. After you’ve become familiar with the risks of a personal loan, you can take the next step and find which company and loan type is right for you. Luckily, we’ve done the research for you. Here’s our list of the best places to get a personal loan.

Lending Club

We’ve discussed this peer-to-peer company before in the past. Online lenders such as Lending Club have exploded in popularity, and this particular firm has been one of the top firms from the get-go. Lending Club limits personal loans to between $1,000 to $40,000, which should be more than enough for most people. The company does not list a required minimum credit score to be approved, but it is generally known that Lending Club often accepts people with lower credit scores. The only downside to having a weak credit score is the high interest rate that you will receive. Regardless, you’re likely to find some of the best APRs on the market at Lending Club, which range from 5.99 percent to 35.89 percent.

Avant: Personal Loans

Avant is a lesser known lending institution but offers competitive rates nonetheless. Avant offers APRs of between 9.9 percent to 36 percent, which is slightly above the average of the general marketplace. But where this company really shines is in fees and added costs. Avant offers installment loans, meaning each payment you make will reduce the principal amount each time. Moreover, Avant does not charge any origination fees. Almost all personal loan providers charge a fee of between 1 percent to 5 percent for distributing the loan to you. Finally, Avant distributes loans rather quickly within one business day.

Personal Loans up to $35,000 at PersonalLoans.com

Get a Personal Loan up to $35,000

  • Choose from peer-to-peer loans, installment loans, and traditional bank loans
  • Simple and secure online loans from a vast network of trusted lenders
  • Use for a vacation, to pay off medical expenses, debt consolidation or something else
  • Get approved within minutes and receive next-day funding

Wells Fargo

Believe it or not, traditional banks are not all bad and can still offer competitive rates on personal loans. Wells Fargo offers a decent range of personal loans for those with a healthy credit history. Many online lenders feel impersonal for those who are more comfortable with face-to-face interaction. This bank offers the reliability of a brick-and-motor bank with the personal touch of an account manager. Loans from Wells Fargo do not come with an origination fee nor are there any prepayment fees. Advertised APRs are between 6.25 percent and 19.75 percent and loan sizes of between $3,000 and $100,000. You’ll need to be a customer at Wells Fargo to apply, but it’ll be worth it considering the bank approves personal loans in as quickly as 15 minutes and distributes the loans the same day of approval.

Posted on June 10, 2016 by in Personal Loans, ,

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